Proof of Stupidity | Revolutionary Consensus Algorithm
Proof of Stupidity NATURALLY occurs in NATURE so you don't even need to write any code for it to occur. It is by far the best way to reach decentralized consensus. In this video, we discuss three examples that illustrate Proof of Stupidity's superiority over other alternatives:
- "Long Island Iced Tea Corp" rebranding themselves as "Long Blockchain Corp"
- Hooter's starting a cryptocurrency rewards program
- Kodak launching Kodakcoin
Perhaps in the future we'll talk about more examples of proof of stupidity given how NATURALLY it occurs in NATURE. Why don't more people talk about this revolutionary consensus algorithm?
Man, you are a master! but, me, as a student, really wonder the reason's behind their masters advice... ive heard you talk sooo much about bitcoin and what it really does, the stupidity behind its true value, and so on and so forth..
And, i've watched you inviting everyone to Steemit in order to follow you, but, watching your wallet, you really have no incentive into keeping value into the platform... you earn, you cash out...
What are your really thougths about Steemit? I know it migth hurt a lot of us... but, please, make a video upon that... any way, if steemit is willing to fail, it shall not depend on your opinion... and if it takes a lot of followers off, please then dont say "it dont care about anyone opinion"... so, people like me, who really intend to question their own belieifs, really beneift from your proposal: to question everything, and even more, to question what really brings value to humanity.
Thanks for your videos, its being a pleasure!!
I really hope you answer this question...
I have much more invested in Steem than you know - I just prefer not keeping it on this account which is already a target as is. I'll be talking about my "real" opinion of Steemit in a future video likely this month. I've already voiced my main criticisms, which is that it is abused to all hell and overpays many of its contributors for work they'd be willing to do for much less.
If the goal of a company is to generate value for its shareholders, then the goal of Steemit ought to be to generate value for the Steem token by increasing the network value of its social media platform. Unfortunately, far too much gets paid out to content creators. I've seen examples of someone paid... wait for it... $2,000 for a post that garnered 50 views.
FYI, when I wrote for Seeking Alpha, I got paid $10 per 1k views. This is considered generous for a nobody with no prior social media, by the way! Many contributors on Steemit are spoiled, and their content shows it with often very little effort put into it. Not saying that the pay needs to be THAT low, but it should be limited to views in someway or other forms of engagement (given views can be gamed, but there are ways to detect "fake" views). Too many people quitting their jobs for Steemit who will be abruptly forced back into the "real world" when the crypto bubble pops because even though I like Steem a lot, it will be influenced when the crypto bubble pops regardless (correlations of all cryptocurrencies will spike during this event).
Otherwise, Steem is one of the few cryptocurrencies that both works(ish) and has a huge community of support behind it. I hope while the token value is so high, more developers will come along and other sharp minds that can fix some of these problems with rampant abuse. I know @transisto is actively working with several individuals who aim to improve this network of applications. The most effort should be put into Steemit & SMT, because those two contribute (in my opinion) over 90% of Steem's value. Fix Steemit so it is less abusable and easier for "average Joe" to understand + get involved and you'll have the first real cryptocurrency killer app.
@ned, i hope you read this.
You clarified most of my thougths about Steemit. I also think CDN's (Content Delivery Networks) will be the forms of crpyto that will come to stay, and having being made, as social media based, its really rpomesing... Any way, it was really dissapointing for me to see @dan posts a couple day ago, "Proof of governance", basiclly explaining the rape in the reward pool (ss you brilliantly pointed out), and @ned counter-arguing with visceral thougths. The dissapointment came to see that these guys are non longer in the same track about Steemit, BUT, what i found interesting about @ned's argument, was recognizing this rape, and the actions he is planning to implement in order to counter that in SMT future. i'll quote:
If that's the case, that would truly incentive quality, fairness in the distribution, and with such an interface like the one APPICS is promesing (for example), ill bet that "average Joe" will jump in and stay for decades in these platforms.
About Steemit (as social meia) if it doesnt implement greater changes, im wouldnt be so bullish neither...
However, i read the whitepaper, and i don't quiet understand how SMT and STEEM price is going to be related. @ned says if demand in A increase, demand in B will also increase. That can only be true if trade market for SMT depends on STEEM which wont be the case... maybe im missing something, i dont know...
Man, thanks for every video you have made so far, your reasoning is just flawless.
It's being a pleasure to read you.
D.
Glad to see someone else has about the same views about steemit. I mean the amount of money that flows to the platform abusers is just insane. Bad quality content gets rewarded just because a whale votes it up.
Also all the fake positivism makes me cringe to the bone. People sucking up to each other just for some upvotes. It's pretty pathetic.
Not to say that everything is bad about this platform but.. oh my.. it needs so much more improvement..
I'm amazed at how people can blindly throw there money around in this market. It's crazy!
I'm a big fan of your videos and you're the main reason why I made a Steemit account.
Anyways, I can't agree with you more. The whole consensus around Crypto lately has transformed into a penny stock dart throwing arcade game. Too many "HODL" sheep are investing in companies that they swear can change the world with their technology that hasn't even proven anything. It reminds me of the weed penny stockk craze that kind of still is going on today.
Anyways, I appreciate your videos and insight into the market. I try to share your videos with all my friends who are lunatics and sheep fanboys who want to "ride it to the moon". They'll learn when their altcoins flounder and money goes back into BTC.
More than the corporations I am amused by people who argue for these changes and then try to justify them with absurd reasoning.
eg. Recently Justin Sun announced that he is hiring a developer from Alibaba group. Whole public went gaga after seeing that tweet. There were reddit threads that were discussing that Tron will jump 5x - 10 x. Really?
Coming from a tech world I know how many developers jumps ships and keep changing companies.so should I just go and buy some ABC company stock, because apparently they hired a Google developer. I won't. It wont even be noticed. I will however be excited if someone leading google Chrome or Search engine project joins another company and leads the efforts.
This Crypto world is getting crazy and more crazier are the people justifying the craziness.
This was so awesome, laughed my ass off, you nailed it :)
I dont get people buying these stocks based on a name change. PoS works.
Man we have to rename Proof of Stake to something else now hehe
"Proof of stupidity"... if you are the one who coined this term you should file for a patent and collect royalties cause it's amazing! Or make your own coin and add it to binance. It will go straight to Top10.
This is pure gold! Essentially, you described the whole cryptocurrency market in one sentence.
Further examples:
That's the funniest thing I've seen all week, thankyou :)
How to build hype.
People are sinking money in everything that has to do with crypto at the moment hoping to make an easy dollar...
Never discount someone doing wash trading on an exchange. Sure you lose a few bucks on transfers, but buying your own inflated sell orders with another account can really jack the price of a stock up quick.
this is the source behind a lot of pumps for almost every crypto.
I believe wash orders are how Bitconnect and all of the lending tokens keep their prices up. As long as you have enough liquidity you can pump whatever you want on an exchange you run.
LOL Love it! I must say, your videos never fail to both surprise and educate. Before your XRB video I was a MAJOR Raiblocks shill. Though I still like the tech, I now understand the importance of succesful use-case/ adoption when valuing crypto assets! Thanks for pumping out grade A content.
Hilarious! So true that it hurts.